US Marshal's Bitcoin Auction: Tim Draper's Digital Kingdom

Beijing Chain Security News, according to the US government website information, February 18, 2020, the US Marshals Service will auction 4,040.54069820 bitcoins.

In fact, this is not the first auction of bitcoin by the US Marshals. For example, in 2018 they once auctioned more than 3,813 bitcoins.

Usually, the U.S. Marshals Department displays cases related to bitcoin

Of course, there are specific auction procedures and requirements. For example, this auction is divided into four batches, and a deposit of $ 200,000 is required.

When referring to the Bitcoin auction of the U.S. Marshals Service, the most well-known one was in 2014. On the one hand, the cases involved are famous, that is, the stolen money involved in the legendary Dark Web Silk Road. It reached 29,656 BTC; in the end, the buyer was famous, that is, the famous Tim Draper.

Tim Draper is the founding partner of DFJ Investment Fund, a well-known investor in Silicon Valley. DFJ has invested in many well-known companies, such as Baidu, Skype, Hotmail. In the field of digital currency, he is also notorious.Although he is not the earliest investor in Bitcoin, he became the earliest group of "prophets" to bet on digital currency in mainstream venture capital. This is the auction.

The 2014 auction was held on June 27th, US time at that time. At that time, the deposit was US $ 200,000 as it is today. There were 45 buyers bidding and 63 bids, and there was only one winner in the end. It was Tim Draper. Since then, he has participated in other related digital currency transactions, completed his original accumulation in the digital currency field, and became an influential figure in the industry.

So how was that transaction completed on the chain at that time, and what was Tim Draper's receiving address at that time? What about these bitcoins? Next, our ChainsMap on-chain traceability system will reveal this process for everyone.

First, through a TX: 7ecad9a3e67bebda52c0bdafb53863938b86e30e58eb179aec747903b50baa2d transaction, a batch of Bitcoins involved in the Silk Road was transferred to the relevant auction address of the US Marshals Agency, followed by the bidding process. Tim Draper successfully obtained a huge amount of Bitcoins, the Marshal Police The agency then transferred the corresponding bitcoin to his address to complete the entire transaction process.

Next, you might be interested, what will Tim Draper do with this batch of Bitcoin? After receiving this huge amount of bitcoin in July, he began to operate on these bitcoins on October 15 of that year.

We can see that in fact, most of the early bitcoins were arranged between the addresses belonging to Tim Draper, and a small amount was transferred to the exchange. The next thing is actually very simple, that is, professional things are left to professional people to do. For such a large amount of Bitcoin, the most important thing is of course secure storage.

We can see that he eventually transferred most of the bitcoin to the professional Bitcoin custody institution Xapo. In 2014, there were actually not many such institutions. Xapo was only established in 2012. Fortunately, it became the custody of this batch of Bitcoins. mechanism. It is worth mentioning that Tim Draper's investment was not smooth sailing. At that time, the price of the batch of bitcoins he took was $ 600 each, but the price of bitcoin plummeted in 2015 and once fell around $ 200. I wonder How did Tim Draper feel at the time?

Regardless, today Tim Draper is already a successful investor in the digital asset space and one of the most famous bulls in Bitcoin. The latest round of the US Marshal's auction is at a delicate moment when Bitcoin is not low in price and there is expectation of halving the market price. Who will be the winner of this round of auctions? And can the winner of the auction be the last investment winner? let us wait and see.